How does a Conventional Renovation Loan work?

I am dealing with my lender to get a conventional renovation loan and I have some question for anyone who has had gone through this loan... I know it is not a FHA 203k loan. I have some questions on how the estimates work and when you recieve your money for the contractors.... here they are: - Do you get any... show more I am dealing with my lender to get a conventional renovation loan and I have some question for anyone who has had gone through this loan... I know it is not a FHA 203k loan. I have some questions on how the estimates work and when you recieve your money for the contractors.... here they are:
- Do you get any money up front for a down payment for your contractor/sub contractor?
- Once all the work is complete, do you have to resubmitt your finished estimates for payment?
- How long does it take to get your money to pay the contractors/sub contractors?
- Did you find that this was a smooth easy transaction between you, your bank, and your contractors/sub contractors?
- Is there anything I should be weary about this loan?

Thanks!
2 answers 2